SBM Offshore N.V.
amsterdam : SBMO

July 14, 2011 01:37 ET

SBM Offshore N.V. and Partners Sign the Lease and Operate Contracts and Complete US$ 1 Billion Financing Facility for the FPSO Cidade de Paraty and BP Sanctions Quad 204 Turret

SCHIEDAM, NETHERLANDS--(Marketwire - Jul 14, 2011) -

1. FPSO Cidade de Paraty for Brazil pre-salt area - Contract Signature

SBM Offshore N.V. is pleased to announce that contracts for the twenty year charter and operation of FPSO Cidade de Paraty for the Lula Nordeste development in the pre-salt area, offshore Brazil, have been executed with BM-S-11 Consortium (65% Petrobras SA - Operator, 25% BG Group (BG E&P Brasil Ltda) and 10% GALP Energia (Petrogal Brasil Ltda). The Company together with Queiroz Galvão Óleo e Gás S.A (QGOG) had been awarded a Letter of Intent on 28 May 2010 for this work.

The unit will be owned and operated by a Joint Venture (JV) of companies comprising of SBM Offshore (50.5%), QGOG (20%), Nippon Yusen Kabushiki Kaisha (NYK) (17.5%) and ITOCHU Corporation (ITOCHU) (12%).

The Lula Nordeste field is located in block BM-S-11 in the Santos basin at approximately 265 kilometres offshore and 2,100 metres water depth. The FPSO will include topside facilities to process 150,000 bpd of production fluids, associated gas treatment for 5,000,000 Sm(3)/d with compression and carbon dioxide removal and a water injection facility for 150,000 bpd.

2. FPSO Cidade de Paraty - US$ 1 Billion Loan Facility - Financial Close

SBM Offshore N.V. is pleased to announce that together with its JV partners, QGOG, NYK and ITOCHU, a Limited Recourse Project Loan has been secured for US$ 1 Billion to finance the construction of the FPSO Cidade de Paraty.

The loan will be repaid over a 10 year period starting at First Oil and benefit from a competitive pricing package arranged on a Club Deal basis with 12 International Commercial Banks.

The Syndicate of Banks includes a Group of Bookrunners and Mandated Lead Arrangers composed of ABN Amro, DNB-Nor, Mizuho, Natixis, SMBC, Standard Chartered, together with ING Bank acting as Coordinator, BTMU as Facility Agent and Rabobank as Documentation Agent and a Group of Mandated Lead Arrangers composed of CIC, DBJ and Nordea.

3. Internal Turret Mooring System for BP for QUAD 204 FPSO

SBM Offshore is pleased to announce it has received a letter from BP Exploration Operating Company Ltd confirming full project sanction for the supply of an internal turret mooring system for the Quad 204 FPSO project.

The contract consists of engineering, procurement and construction of an internal turret mooring system for the FPSO for the Quad 204 development. The Front End Engineering and Design (FEED) phase of the project has been completed and, with full project sanction confirmed, continues into the final engineering, procurement and construction phase.

The turret design is a large internal mounted system with a bogie wheel bearing arrangement, which will moor the FPSO in harsh environmental conditions. The turret incorporates a swivel stack capable of handling a total fluid throughput of 320,000 barrels per day and can accommodate 28 flexible and umbilical risers.

The project schedule foresees delivery of the turret in several sections to facilitate the FPSO construction sequence during the year 2013.

To see the full version of this press release please click on the link below:

SBM Offshore Press Release:

This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that:

(i) the releases contained herein are protected by copyright and other applicable laws; and

(ii) they are solely responsible for the content, accuracy and originality of the information contained therein.

Source: SBM Offshore N.V. via Thomson Reuters ONE


Contact Information

  • Contact person:
    Mr. Sebastiaan de Ronde Bresser

    Telephone: (+377) 92 05 85 15

    Mobile: (+33) 643 919 312

    Fax: (+377) 92 05 89 40

    E-mail: Email Contact